# Oil gains for the week as supply cuts balance demand concerns | Reuters

> Oil rose on Friday and posted a weekly gain, with Brent settling at $76.61 a barrel and WTI at $71.78. Higher Chinese demand and OPEC+ supply cuts supported prices despite expected global economic weakness.

- Date: 2023-06-16 · published 2023-06-16T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/35653-oil-gains-for-the-week-as-supply-cuts-balance-demand-concerns-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Stronger crude prices and firmer Chinese demand raise energy and transport costs for feed producers, with modest upward pressure on related inputs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-dip-pausing-after-previous-sessions-surge-2023-06-16/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.